Abiy Calls for Continental Economic Transformation


Abiy Calls for Continental Economic Transformation

Calling for a shift away from aid dependency, Prime Minister Abiy Ahmed (PhD) addressed Africa's progress and challenges, emphasising the impact of geopolitical dynamics, economic hurdles, climate change, and technological advancements. During his 37th African Union (AU) Summit, Abiy addressed heads of states and pointed to Africa's vast resources, favourable climate, and large population as potential drivers for growth. While acknowledging financial constraints in the education sector, Abiy also highlighted broader challenges such as climate change, the rising cost of living, and the burden of debt. He lamented the inadequacy and high cost of financial access due to inequalities in the global financial architecture. Abiy stressed the importance of long-term financing for infrastructure development, food security, and improvements in health and education. He called for investments from financiers to support these critical areas. Reflecting on history, he highlighted the disruptive impact of colonialism, which aimed to dismantle national identity, erode knowledge, and undermine cultural heritage. Addressing the importance of peace and security, Abiy highlighted their role in social and economic development. He emphasized the significance of regional and continental integration to diversify economies and ensure peaceful coexistence with neighbouring countries. "Pragmatic solutions are needed for the continent's transformation," he finally remarked.


Radar

Central Bank's Auction Sends Dollar Soaring to 135 Br

A dollar value against the Birr exceeds 135 during an auction the Central Bank held last week, offering 60 million dollars. Close to 27 banks made their bid where the weighted average was 135.61 Br for a dollar. The National Bank of Ethiopia (NBE) announced the results of the special foreign exchange auction, the second since monetary authorities floated the forex regime in early August last year. Last week's result reflects a weaker Birr than in the first when the average rate was 107.9 Br....


Radar

Ethio Telecom Bids to Dominate Ethiopia's Digital Future

An array of services from digital livestock tracking, push-to-talk/video communications to cloud-based banking, an education management system (EMS), and enterprise resource Planning (ERP) are available from the state-owned Ethio telecom. Ethio telecom has introduced seven new cloud-based digital services last week at the Skylight Hotel, on Africa Avenue (Bole Road), pledging to transform business operations, financial services, and education management. The company said that these solutions...


Radar

Addis International Convention Centre Inaugurates

The much-anticipated Addis International Convention Centre, spanning 40 hectares, was officially inaugurated last week. It is set to become the country's largest conference venue, designed to host both national and international events. The centre features two large halls, each accommodating 3,000 to 4,000 people. It also includes eight smaller meeting rooms, bringing its total capacity to 10,000 attendees. Two hotels, with a combined 1,000-bed capacity, will serve both local and internationa...